The "Rhode Island Economic Growth Blockchain Act" establishes a regulatory framework for blockchain technology and digital assets in the state. The act creates a Rhode Island Blockchain Technology Advisory Council to support research, promote entrepreneurial development, and facilitate innovation. It also introduces a financial technology sandbox that allows innovators to test new financial products and services under a waiver of certain regulatory requirements.

The act establishes special purpose depository institutions (SPDIs) as a new type of financial institution, primarily serving business entities. SPDIs will be organized as corporations and must comply with applicable federal laws. The legislation outlines the requirements for incorporation, chartering, and operation of SPDIs, including a minimum capital requirement of five million dollars ($5,000,000) and the need for a detailed business plan.

Additionally, the act mandates that SPDIs maintain unencumbered liquid assets equal to their depository liabilities and establish a contingency account for unexpected losses. It requires SPDIs to obtain insurance or bonds covering operational risks and outlines the conditions under which the superintendent may suspend or revoke a charter.

The act also specifies the application process for SPDIs, including the submission of necessary documentation and fees. It establishes supervisory fees to cover the operating costs of the superintendent's office and details the examination and reporting requirements for SPDIs. Overall, the act aims to foster economic growth through blockchain technology while ensuring consumer protection and regulatory compliance.